No need for broader advice inquiry: NAB

he head of the National Australia Bank believes his bank has taken sufficient independent reviews of its financial advisers without a broader inquiry into the firm.

The bank confessed last year it had been paying out millions of dollars to 750 customers over five years because of bad advice from NAB Wealth.

A Senate inquiry into financial advice on Tuesday was told that independent reviews were undertaken by consultants KPMG and Deloitte that reported directly to the Australian Securities and Investment Commission.

Chair of the Senate committee Senator Sam Dastyari did not believe this was sufficient.

"I believe we have got quite a thorough, broad, sound way of managing our business."

NAB's UK banking arms, Clydesdale and Yorkshire banks, were fined a record STG20.7 million ($A39.95 million) earlier this month after mis-selling insurance to customers and then subsequently misleading the British financial ombudsman with false information.